Corporate America is delivering the goods this earnings season, dampening fears about the economy, even as rising energy prices threaten to undermine the momentum. Why it matters: Economic uncertainty tied to the Iran war — alongside stubborn inflation and souring consumer sentiment — don't seem to have derailed earnings in Q1. Zoom in: Wednesday's winners included: Uber: After reporting a 25% rise in bookings, CEO Dara Khosrowshahi told CNBC: "The consumers are spending, they're spending locally, and we don't see any signs of that weakening at this point." Disney: The company recorded better-than-expected operating income at all three of its divisions — entertainment, experiences and sports — as Bloomberg noted. Consumers are visiting parks at a "healthy" pace, Disney said. CVS Health: The drugstore chain and Aetna owner raised its 2026 earnings guidance as medical costs fell sharply. Novo Nordisk: The GLP-1 drug maker raised its guidance after its first oral weight loss pill got off to a promising start with 2 million prescriptions already. The big picture: About two-thirds of the way into earnings season, 84% of companies in the S&P 500 have topped earnings estimates, according to FactSet. That easily beats the 5-year average of 78%. "Both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises are above recent averages," FactSet reports. "This is one of the best earnings seasons in 20 years," Deutsche Bank researchers wrote Wednesday. All 11 top-level sectors of the S&P 500 — including technology, healthcare and industrials — are expected to show year-over-year earnings growth for the first time in four years, they noted. Yes, but: The collapse of Spirit Airlines after jet fuel prices spiked illustrates how much damage the Iran war could yet cause to the economy. The broader airline industry is suffering with operating costs jumping. And some companies are struggling for other reasons: Restaurant Brands International reported Wednesday that its comparable sales fell 6.5%. It was the chain's worst quarterly performance in at least 20 years, according to Restaurant Business Magazine. The bottom line: Corporate earnings aren't a 1-to-1 indicator of the economy's health, but they're not a bad sign either.